All Forum Posts by: Jesse Schultz

You could set up a Rent-to-own scenario. There are some groups that specialize in that i.e. Rockstar Real Estate, they have contract templates and that kind of thing. For the record I'm not signed up with them ;) Typically you ask for about $5000 right away, in order to have access to thy kind of deal. Then set an amount above their current rent maybe $300-400 on top. That portion and the $5000 go toward the down payment. You settle on a price that they agree to in 2-3 years. Then sell to them at that point. You get to keep collecting rent for that time and they get a house without a massive downpayment in one go. If they back out of the deal after it is started, typically they forfeit the $5000 down and all the extra money they've been paying each month...the ideal is that they end up buying so you get the sale and they get the house.

Also learning lots! i.e. Commercial vs residential after a certain amount of units. Thanks

Roy N. What do you mean by high-ratio? I understand the need for an insurable mortgage but I'm not familiar with high-ratio.

Hey, I think you can get a mortgage for 5% down if you make it your primary residence. Like live in one of the units...I think for a year. Is the $80000 the 5% or the 20-25% needed to put down on a rental? I think hard money lending and private lending works best if you can cover the entire purchase with the money borrowed. That way you can go to a bank and get your fully owned property financed and pay back the lender in approx 12 months if that's the deal you set up. I'm certainly open to hearing if anyone has other ideas about this. Also from Ontario by the way and looking for SFH or Duplexes in Kitchener Waterloo area.